In 2005, Ingosstrakh’s insurance premium collected under direct agreements in marine insurance segment amounted to Rub 1.557 mln (Rub 288 mln more than in 2004 – increase by 23%). Last year, company paid Rub 605 mln of claims in marine insurance classes.

During many years, Ingosstrakh occupies leading positions in P&I insurance in Russian market, as by ship owners insured, and by volume of premium collected. In 2005, volume of premium amounted to Rub 745 mln, growth – 16%. Claims – Rub 319 mln. Vadim Semenkov, Deputy Head of Department for claim settlement, noted two largest claims: for removal of ship wreck debris and damage liability of Blue Ocean ship, company paid Rub 71 mln, and also for damage to oil terminal by Petr I ship – Rub 10,5 mln.

In 2005, Ingosstrakh signed 755 marine hull insurance and 758 ship owners’ liability insurance agreements.

In order to raise its competitiveness, company increased its P&I limit from $100 mln to $500 mln. This let company to insure tankers (Primorskoe steamship line became its new client), ships, transporting highly valuable and hazardous cargoes, and large passenger ships. Simultaneously, it expanded geographical location of insured ships. Today, only two out of 8 foreign companies provide insurance cover with such limits.

Volume of direct marine hull premium amounted to Rub 812 mln in 2005. Growth – 29.5%. Such significant increase is justified by expansion of fleets of Russian ship owners, and raise of trust to Ingosstrakh in international markets.

Number of insured ships under marine hull program increased by 258 comparing to 2004. New clients included Lena river steamship line, Turkey-based Sarioglu Denizcilik and Spanish LUMAR. Also, last year, such large clients, as New Russian steamship line, Primorskoe steamship line, Volga and North Western steamship lines and Volgotanker renewed and extended its cooperation with Ingosstrakh.

In 2005, Ingosstrakh paid a wide range of largest in Russia claims to marine hull clients. In particular, insurance indemnity of Rub 19.9 mln was paid for total loss of Volgo Don 5025 ship due to collision with other ship in Black Sea; and Rub 19.5 mln for stranded St. Spirit ship.

It is worth mentioning, that company’s self-retention under marine hull insurance amounts to $1.5 mln and liability – $3 mln. Made claims did not affect reinsurance cover. Thanks to such balanced approach, Ingosstrakh spends for reinsurance less than its competitors and company is less influenced by fluctuations of reinsurance market.

Commenting of 2005 results, Sergey Trubitsin, Head of Department for P&I insurance, noted: “In 2005, we continued to seriously improve quality of services and expand line of offered insurance products. So, for example, any client while concluding marine hull insurance agreement can buy additional cover for freight insurance, liability for collisions and naval. Insurance for ships in construction dynamically develops, too. Last year we offered new program for dockyard liability insurance. One of the important directions of our activities is the multilateral program for insuring interests of yachts and boats owners, yacht-clubs, yacht-plants and yacht dealing centers.”

OJSIC Ingosstrakh (www.ingos.ru) operates in international and domestic insurance market since 1947. The company is one of the leaders in the amount of premium from voluntary non-life insurance.

Ingosstrakh has been rated by Standard & Poor’s (ВВ/Positive, or ruAA on the Russian scale), Moody’s Investors Service (Ba2/Positive), Moody’s Interfax Rating Agency (Aa2.ru and RUS-1 on the national scale), and Expert RA (A++).

Total amount of direct insurance and reinsurance premium collected by OJSIC Ingosstrakh, IC Ingosstrakh-M Ltd, and IC Ingosstrakh LMT Ltd for 2005 amounted to Rub 30.9 bln, 53.8% more than in 2004. Claims settled accounted for Rub 13.9 bln. Assets increased 30.4% and totaled Rub 33.1 bln. Equity capital – Rub 6.5 bln as of January 1, 2006.

Ingosstrakh is licensed to perform all twenty insurance classes (insurers’ specialty), stipulated by Article 32.9 of Insurance Law and reinsurance. Company has branches in 182 Russian cities, and over 15 offices and subsidiaries in neighboring and other foreign countries.